June 14, 2017 / 1:28 AM / a year ago

PRECIOUS-Gold edges higher, all eyes on Fed

    BENGALURU, June 14 (Reuters) - Gold crept up early on
Wednesday as the market waited for the end of a two-day U.S.
Federal Reserve meeting, with the central bank expected to hike
interest rates and give indications on its monetary policy for
the rest of the year.    
    * Spot gold        had risen 0.2 percent to $1,267.85 per
ounce at 0106 GMT. It hit a session low of $1,259.16 on Tuesday,
its weakest since June 2.
    * U.S. gold futures         for August delivery climbed 0.1
percent to $1,269.80 per ounce
    * Palladium, which marked a 16-year high last week, was down
0.5 percent at $878.25 an ounce.
    * The Fed is widely expected to raise its benchmark interest
rate this week due to a tightening labour market and may also
provide more detail on its plans to shrink the mammoth bond
portfolio it amassed to nurse the economic recovery.
    * The Fed will probably express its confidence inflation
will climb towards its 2 percent target at its meeting, but such
assurances are a poor indicator of the central bank's future
    * U.S. Attorney General Jeff Sessions on Tuesday denounced
as a "detestable lie" the idea that he colluded with Russian
meddling in the 2016 presidential campaign, and he clashed with
Democratic lawmakers over his refusal to detail his
conversations with President Donald Trump.             
    * Britain entered a sixth day of political limbo on
Wednesday with Prime Minister Theresa May yet to seal a deal to
prop up her minority government and facing calls to soften her
stance on Brexit days before negotiations on leaving the EU
    * The chances of Britain ending up outside the single market
when Brexit talks are concluded have receded somewhat after last
week's election, although the pound might weaken further against
other currencies, a Reuters poll of economists found.
    * European Union Currency Commissioner Pierre Moscovici said
on Wednesday he expects Greece and its international lenders to
reach a compromise deal on new loans this week and that a "fair
solution" will be found on debt relief.             
    * Asian shares crept higher on Wednesday after Wall Street
reached another all-time high, while the dollar and bonds
awaited clarity on the Fed's future path for U.S. policy.
     0200  China                   Retail sales              May
     0200  China                   Industrial output         May
     0200  China                   Urban investment          May
     1230  U.S.                    Consumer prices           May
     1230  U.S.                    Retail sales              May
     1400  U.S.                    Business inventories      Apr
     1800  Federal Reserve announces policy meeting outcome 
     1830  Fed Chair Janet Yellen holds news conference 

 (Reporting by Nithin Prasad in Bengaluru; Editing by Joseph
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